(Bloomberg) Myanmar’s military government has earmarked the launch of a digital currency to boost local payments and the ailing economy.
The military government says it is assessing how to proceed and considers the options of partnering with local companies or doing it alone.
The news came after the State Administration Council proposed, in December, to recognize Tether as an official currency.
The move happens even as Myanmar’s economy contracted by 18% in the fiscal year that ended in September 2021, with the World Bank forecasting a growth of 1% through September this year.
Myanmar’s move follows those of some other ailing economies such as Venezuela, which is also considering a bill to guide digital-currency transactions.
World Bank’s senior economist Kim Edwards last week warned that Myanmar needs a proper regulatory structure and high administration capacity to realize the digital currency dream.
